Regulatory News

Final Results for 12 months to 31 March 2022

27 July 2022

OTAQ (LSE: OTAQ), the marine technology products and solutions group for the global aquaculture and offshore energy industries, announces results for the 12 months to 31 March 2022.

 

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Financial Highlights

Group

2021/22

£'000

2020/21

£'000

Change

%

Revenue

4,292

4,053

5.9

Gross profit

2,027

2,303

(12.0)

Adjusted EBITDA*

(49)

524

(109.4)

Net (debt) / cash**

(1,268)

670

(289.3)

*Adjusted EBITDA (earnings before income, tax, depreciation, exceptional costs, impairment, share option charges and amortisation)

 

Strategic and Operational Highlights

  • Strong revenue and gross profit growth Offshore, Connectors and Technology Divisions
  • Aquaculture Division impacted by ongoing regulatory reviews of acoustic deterrent device usage, specifically in Chile and Scotland
  • Encouraging entry into the shrimp biomass measurement market with Minnowtech LLC
  • Strategic investment of 10% in Blue Lion Labs Ltd and completion of licensing and cooperation agreements
  • Continued focus on broadening reach through new product development including the live plankton analysis system for detecting harmful algal blooms

 

Commenting, Phil Newby, Chief Executive at OTAQ, said:

"Product innovation is at the core of OTAQ's ability to partner with clients to maximise welfare and production yields, continually broadening our portfolio of complementary products.  The addition of technologies in shrimp sonar, live plankton analysis systems and water quality monitoring now give OTAQ and its customers a new level of analysis and responsiveness in managing stocks and improving performance.

"Many of these products have been well received in the Chilean and Scottish markets, with early indications of commercial success, which is central to the Group's growth strategy

"Development of new products and the flourishing performance from the Offshore and Connectors divisions gives the directors confidence that the Group can return to profitable growth."

 

Contacts:

OTAQ PLC

Via Walbrook

Alex Hambro, Non-Executive Chairman


Phil Newby, Chief Executive Officer

Matt Enright, Chief Financial Officer




Dowgate Capital Ltd (Broker & Adviser)

020 3903 7715

David Poutney/James Serjeant

Nicholas Chambers/Russell Cook




Walbrook PR Ltd

020 7933 8780 or O[email protected]

Tom Cooper/Nick Rome

 0797 122 1972 or 07748 325 236

 

About OTAQ:

OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables, and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile.

OTAQ's marine technology portfolio includes a market-leading intelligent acoustic deterrent system, Sealfence, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile and Finland.

The Company's Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. OTAQ's Dragonfish laser measurement system is fast becoming recognised as one of the most accurate underwater precision laser measurement systems available. OTAQ also has significant experience in the design and manufacture of underwater connectors, penetrators and communication systems.

It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture and offshore product offering.

OTAQ is proud to be fully ISO 9001:2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ's commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system.